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Last Updated on August 24, 2024 by Paul Clayton
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7 Recession Proof Tips Protecting Your RV Investment
Owning an RV is fun. You can rent it out to someone, roam with it for pleasure, or even sell your house to live in the motor home; if that’s your dream.
However, protecting your RV during an economic decline can be overwhelming. When all the predictions indicate an inescapable recession, it’s easy to panic, fail to plan, and lose your RV investment.
This article will address how to protect your RV investment during a recession. Check it out to discover more!
7 Tips on How to Protect Your RV Investment in a Recession
1. Adhere to a Consistent Maintenance Schedule
Sticking to a consistent maintenance schedule can make all the difference when protecting your RV investment. It can ensure that your RV lasts many years while demanding fewer repairs.
Some essential aspects for regular inspection are the generator, engine, batteries, air conditioning, safety detectors, cooling efficiency, appliances, and roofing.
Whether you use your RV as a motor home or for leisure travels, it helps to adhere to a rigid maintenance schedule to prevent any unforeseen problems that could arise when you least expect them.
Your documented maintenance schedule will also come in handy in increasing your investment’s value when it’s time to sell the RV. It can increase buyers’ confidence, as they will see your motor home as a safe investment.
2. Handle Repairs Immediately
As with other assets you own, the basic rule of RV protection is to fix issues soon as they arise.
For example, when your car brakes develop a problem, you don’t wait for the issue to escalate before you fix it. Instead, you call your mechanic immediately or repair yourself if it’s something you can manage.
That said, you should treat your RV investment with the same care, even if you mainly use it for pleasure. If you want to protect your investment, never ignore any RV problem.
It pays to dress problems like abnormal noise from AC units, squealing brakes, drips, and rattles to prevent them from worsening and causing subsequent damage. Remember, leaking plumbing lines may seem trivial but can eventually become catastrophic to your RV investment.
3. Store Your RV Safely
How you keep your RV, especially during winter, significantly affects its longevity. So, proper storage is vital if you want to maximize your RV’s value and ensure minimum depreciation.
Storing your RV safely will protect the chassis and ensure that the window and hatch seals remain in excellent condition.
But before you take your motor home to storage, it helps to take the necessary steps like cleaning the RV, emptying the water tanks, and removing grime accumulation. The small actions may seem insignificant, but they go a long way in protecting your RV investment.
4. Get an Extended RV Warranty
While you may be willing to repair your RV soon as any part becomes faulty, not all problems are easy and cheap.
Even with a consistent maintenance routine, you may also find that some problems are inevitable. And if the problem is expensive to fix, like faulty RV transmission and AC unit, you might find yourself stuck and unable to repair and protect your RV investment.
The best thing to do is plan for the inevitable, and there is no better way to do this than getting an extended RV warranty.
A prolonged warranty will cover the repair costs you can’t afford or those that can drain your bank account and limit your travel budget. It protects you from the effects of the ever-shifting economy of labor costs or replacement parts.
This way, you’ll have peace of mind and a sense of security, knowing that the warranty will cover everything should the worst happen.
Without warranty coverage, you can easily give up on repairs, allowing minor problems to grow into big ones and preventing you from having fun with your rig.
So, why not get your RV fixed in a licensed repair facility and continue your adventure while the warranty provider pays the bills? You’ll have the freedom to repair your RV whenever needed.
When choosing your RV warranty, you’ll want to find an affordable one with a reliable policy to avoid substantial upfront costs or refuted claims.
5. Rent Your RV
Renting your motor home to another user can be a great way to generate income for maintenance and other expenses.
If you aren’t using your RV, there is no point in keeping it at home when you can rent it and get some cash. Besides the extra money, renting your RV helps avoid storage costs.
Once you generate income with your motor home, you can use the money for repairs, insurance bills, buying RV accessories, and saving for emergencies.
However, RV renting is not for everyone, as several challenges are involved. You may experience anxiety and stress knowing that your RV is in the hands of a stranger.
To avoid stress and anxiety, you should avoid renting your motor home to someone you don’t trust. Alternatively, you can list your RV for rent on a trusted website that will inspect clients and provide insurance that caters to repairs needed for rental RVs.
6. Learn More About Your Specific RV Model
Having general knowledge about RVs is good, but learning more about your specific motor home brand or model is much better.
It pays to research your RV and stay active in various RV forums to gain more information about it. You can even join forums that deal with specific RV brands to know the common problems of your RV model.
Being active in the forums, such as RV.net and iRV2.com, will help you get inspiration about new RV additions and accessories from other Rvers.
It allows you to ask questions about your motor home and get quick responses from fellow RV owners. You could also get information and suggestions you never thought you needed. Check out YouTube.com, its a fantastic resource for many RV projects for a multitude of RV models. Most RVs are very similar in build anyway.
Remember, your dealer will not tell you all the details about the motor home or teach you how to address various problems when using an RV.
Having adequate knowledge about your RV will also protect your investment from opportunistic dealers and mechanics who may charge you lots of money to check something minor. It will also save time and prevent unnecessary worry when something goes wrong.
7. Have a Solid Emergency Fund
Recessions are the worst time to sell your assets since you’ll probably give them away at a loss. So, it pays to have a solid emergency fund to rely on during hard times to avoid tapping your RV investment due to desperation.
Ideally, you should have enough savings to cover your general living expenses for at least three months. This way, you can maintain your RV investment and sell it at the right time for the right price.
Is an RV Investment Worth It?
Whether an RV investment is worth, it depends on several factors. It can be an excellent investment for some and still be a terrible financial decision for others.
An RV investment is worth it if you want to roam around instead of settling on one location and feeling stuck. While you aren’t technically making money from your RV living in it, you’ll be free to move around and explore your favorite destinations.
Nevertheless, you must remember that, like any other vehicle, an RV is a depreciating asset despite being insanely pricey. Moreover, repair costs, gas consumption, service, insurance, parking, and additional maintenance costs can make an RV a poor investment.
So, if you think you cannot afford to maintain an RV, there is no point in buying it as it will depreciate rapidly, and you’ll lose your money, making it a bad investment.
Conclusion
While RVs depreciate rapidly, just like other vehicles, it doesn’t mean you have to lose money or give up on your investment during a recession.
You can protect your RV investment in a downturn by handling repairs before they escalate, adhering to a consistent maintenance schedule, storing it safely, and getting an extended warranty.
Renting your RV when not in use and learning about your specific model will also help you protect your motor home and ensure it holds a significant value. This way, you won’t have to sell your RV at a loss with desperation or keep it in storage due to catastrophic damages.
Whether an RV is worth the money depends on various factors, including how frequently you plan to use it, your budget, and your personal preferences. RVs can be expensive, but they offer the convenience of having your own mobile home on the road, allowing you to travel to remote locations and experience the great outdoors with all the comforts of home.
To protect your investment in an RV, there are several steps you can take. First, it’s essential to keep your RV well-maintained, including regular cleaning, inspections, and repairs as needed. This will help to prevent costly repairs and extend the life of your RV.
Another important step is to invest in RV insurance, which can provide coverage for accidents, theft, and other unexpected events. Additionally, you may want to consider purchasing an extended warranty or service contract, which can provide additional coverage for mechanical breakdowns and other issues.
It’s also important to store your RV properly when it’s not in use, to protect it from the elements and prevent damage from pests or other wildlife. This may include using an RV cover or storing it in a covered storage facility.
Finally, consider taking a defensive driving course to improve your driving skills and minimize the risk of accidents while on the road. By taking these steps to protect your investment, you can enjoy your RV for many years to come and make the most of your outdoor adventures.
